CZ recently proposed a judgment: IPOs will move on-chain.

Behind this statement lies a longer thread, the trading entrances of stocks and crypto assets are gradually merging.

The entire technology stack of the capital market is being restructured before our eyes.

1/ The Internet was once just an "electronic newspaper"

In the 1990s, people's consensus on the internet was that the internet = a better newspaper.

Launched in 1996, http://WSJ.com initially just moved the printed newspaper online without any changes, even retaining the original layout and columns.

But newspapers are merely carriers of information. The internet ultimately did not stop at disseminating content but instead grew its own native applications: search engines, social networks, cloud computing, mobile payments... Today, of the 8 billion people worldwide, 5.5 billion are internet users, with politics, finance, transportation, and entertainment all functioning on this system.

Yet our understanding of blockchain is making the same mistake.

2/ Blockchain is not just a 7×24 casino

When cars first appeared, they were compared to "horse-drawn carriages without horses"; the internet was called "a better newspaper." Today, blockchain is viewed as "a more convenient stock market," and it doesn't even qualify as "better."

But the consumption of the financial system by blockchain has already begun.

Brokers are becoming CEX-like, with Robinhood being a typical case.

It started as a stock brokerage, then added cryptocurrency trading and self-custodial wallets, and further completed its crypto trading infrastructure by acquiring Bitstamp. Afterwards, Robinhood announced plans to build its own Robinhood Chain based on the Arbitrum technology stack.

Meanwhile, CEXs are also becoming more like brokerages. Integration is happening in the opposite direction.

Cryptocurrency exchanges are no longer satisfied with spot and perpetual contracts but are continuously expanding asset boundaries, incorporating stocks, commodities, and foreign exchange into interfaces familiar to crypto users.

Take @MEXC as an example; this cryptocurrency exchange now offers a full-stack stock service.

▌RealStocks

In the past, Web3 funds wanting to allocate to US stocks had to undergo a lengthy process of withdrawal, currency exchange, and wiring to traditional brokerages.

MEXC's RealStocks reconstructs the settlement layer of traditional assets using stablecoins. Users can directly buy and hold over 7,000 global real stocks and ETFs managed by a partnered licensed brokerage with a minimal threshold of 5 USDT.

▌Stock Futures

For those wanting leverage, to seize event markets, and to hedge, over 300 kinds of stock futures are available for trading, including US stocks, Hong Kong stocks, Korean stocks, and Japanese stocks.

It directly reuses the high-frequency, bi-directional, leveraged trading paradigm found in the crypto market for stocks, providing an operational flexibility that traditional brokerages find difficult to offer.

▌Tokenized Stock

Over 200 kinds of tokenized stocks can be directly traded with USDT, close to 7×24 hours without interruptions, unaffected by US stock market opening and closing times.

3/ What year of the Internet is today's blockchain equivalent to?

If we must draw a comparison, today's blockchain is approximately at the stage of the Internet from 1995 to 2000.

▌Basic protocols are already available

▌Products like stablecoins have found clear demand, but many applications are still driven by speculation and subsidies

▌User experience remains complex

▌Infrastructure and regulatory standards have not yet been unified

It is no longer a toy in the laboratory, but there is still a long way to go for full mobile-internet-style adoption.

We are still in the early stages.

#MEXC0808

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